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Income Per Share of Common Stock
 9 Months Ended
Sep. 30, 2014
Income Per Share of Common Stock  
Income Per Share of Common Stock

5.Income Per Share of Common Stock

 

The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share amounts):

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2014

 

2013

 

2014

 

2013

 

Net income for basic and diluted income per common share

 

$
5,426 

 
4,789 

 

$
15,636 

 
12,171 

 

Weighted-average shares for basic income per share

 
5,578 

 
5,563 

 
5,578 

 
5,560 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Employee and director stock options (1)

 
11 

 
11 

 
10 

 
10 

 

Adjusted weighted-average shares and assumed exercises for diluted income per share

 
5,589 

 
5,574 

 
5,588 

 
5,570 

 

Basic net income per common share

 

$
0.97 

 
0.86 

 

$
2.80 

 
2.19 

 

Diluted net income per common share

 

$
0.97 

 
0.86 

 

$
2.80 

 
2.19 

 

 

 

(1)

Excludes 15.0 and 9.9 stock options for the 2014 and 2013 periods, respectively, as anti-dilutive because the exercise price exceeded the average per share market price for the periods presented.